5G to contribute $1.3t to global GDP by 2030: PwC
The US economy will benefit the most from 5G, followed by China.
The adoption of 5G in five sectors will add $1.3t to the global GDP by 2030, with the healthcare sector contributing the most, a report by PwC showed.
In a report, PwC said the economic impact of 5G will vary by industry and country, but its adoption in the healthcare sector would contribute $530b. The adoption of 5G in healthcare will pave the way for a “new, connected ecosystem” in line with the concept of 4P medicine which is predictive, preventative, personalised, and participatory.
This is followed by the 5G-powered smart utility sector which will contribute $330b, consumer and media applications with $254b, industrial and manufacturing with $134b, and financial-services applications with $85b.
Per country, the US is expected to see the largest projected 5G economic impact by 2030 of $484b, followed by China at $220b, Japan at $76b, and Germany at $65b.
The projected economic impact of 5G in the UK is at $54b, India at $42b, South Korea at $30b, and Australia at $20b, according to PwC.
“The potential for impact across industries is enormous, but to realise these gains, companies will need a strategic approach—one underpinned by a clear view of the use cases that will deliver the greatest value over time,” PwC said.
It added that it is crucial for businesses to take into account 5G in their technology roadmaps, and collaborate closely with various industries such as technology, media and retail to combine 5G with other enabling technologies such as artificial intelligence and internet-of-things.
Policy-makers and government should also consider 5G as a “fundamental societal infrastructure” that will influence the competitiveness of their economies and ability to craft their own sunrise industries and technologies. They should encourage and provide incentives to attract 5G investments.
According to PwC, 5G will not only accelerate the speed and capacity of mobile networks by 100 times and 1,000 times, respectively, but will also provide “ultra-reliability, low latency, reduced energy use and massive connectivity both inside and outside of buildings.”